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What Is Business Process Automation and How It Can Help Your Company

What Is Business Process Automation and How It Can Help Your Company

According to The Business Research Company, the global business process automation (BPA) market will reach a value of $14.02 billion in 2023. This amount represents a compound annual growth rate of 13.1% since the beginning of 2022.

A variety of factors are fueling the rapid growth of this market. Businesses are adopting BPA technology on a broad scale. Additionally, global private equity firms strategically buy and sell innovative business process automation development companies, such as this sale of InRule Technology. These investments support visionary startups’ efforts and have led to the launch of some truly revolutionary solutions.

While you have undoubtedly heard all the hype surrounding process automation, the more important questions are “What is it?” and “How can BPA technology benefit your business?” Let’s explore those questions so you can decide whether now is the right time for your organization to invest in BPA tech.

What Is Business Process Automation?

Business process automation involves systematically automating complex organizational workflows and functions in order to promote efficiency, agility, and productivity. 

Like many organizations, your company probably already uses automation to support auxiliary functions like record-keeping and data processing. BPA goes beyond this to address mission-critical functions through the use of artificial intelligence tools, machine learning technology, and other advanced software.

Business process automation is the next major leap forward in the ongoing mission to optimize business output and efficiency. By automating core functions and tasks, you can continue to evolve and remain competitive in the ever-changing business ecosystem. 

Benefits of Business Process Automation

Implementing advanced business process automation tools can have a significant impact on your entire organization. With BPA tools, you can:

Save Time

When employees can’t keep up with their workload, you have two options — upgrade your tech or bring on new staff. The latter approach is time-consuming, expensive, and risky, as there is no guarantee that you will select the right candidates during your first wave of hiring.

Business process automation maximizes the productivity of your existing staff by enabling them to work smarter, automate redundant tasks, and reduce their workloads. This will lead to better morale and help you combat absenteeism. 

Once your BPA technology is live, your staff will have far more time to work on tasks that require a human touch, such as brainstorming your next marketing campaign or designing product packaging. 

Decrease Overhead

Want to lower your overhead and free up capital so you can pursue new growth opportunities? If so, business process automation may be the answer you have been looking for.

Implementing BPA tools can help you do more with less. You won’t need to manage a bloated staff or engage in the never-ending hiring cycle. You can delegate mundane work to your BPA software and rack up the savings. 

Increase Productivity

BPA tools can multitask, condensing important work processes and increasing overall productivity. Additionally, BPA machines make far fewer errors than your human staff, meaning you will waste less time backtracking and fixing mistakes. 

Strategically incorporating business process automation into your workflows can help every team member tap into their true potential. They can get more done, deliver for your business, and support your growth goals. 

Minimize Errors

If left undetected, seemingly minor mishaps can negatively impact data integrity and cause your team to waste much of their day tracing errors and making corrections. Talk about a lot of wasted time and money.

Business process automation enables you to automate a multitude of data management tasks. You can eliminate redundancy from your workflows and significantly decrease the likelihood of a costly error occurring. 

Improve Compliance

If you operate in a tightly regulated industry, you know that maintaining compliance while heavily relying on manual processes can feel like an impossible task. Constantly evolving regulatory requirements further exacerbate the issue. 

The good news is that business process automation technologies can support your compliance efforts. Leading solutions include customizable security controls you can use to meet relevant regulatory requirements, protect consumer data, and avoid penalties.

Is Now the Right Time to Automate?

Absolutely. Whether your business is in the midst of a growth spurt or rebounding from the challenges of the last couple of years, now is the ideal time to implement BPA technology.

Business process automation solutions can have a positive impact on every facet of your business. You can get more done, reduce the workload on your staff, reduce overhead, and support your business goals. 

When you are ready to automate, do plenty of research and find tools that are purpose-built for your industry. Once you find the ideal BPA solution for your business, create a plan and execute it. The right BPA platform can help you make 2023 your most productive year yet.

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